Lahiri, Kajal; Sheng, Xuguang - In: Journal of Econometrics 144 (2008) 2, pp. 325-340
We estimate a Bayesian learning model with heterogeneity aimed at explaining expert forecast disagreement and its evolution over horizons. Disagreement is postulated to have three components due to differences in: (i) the initial prior beliefs, (ii) the weights attached on priors, and (iii)...